Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Haven, a 220-unit apartment community located in Hoover, Alabama. The final sale price was $26.3 million.
Andrew Brown, Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, FPA Multifamily, in the transaction. Arcan Capital, a privately held real estate company focused on the acquisition and management of apartment properties throughout the Southeast, Mid-Atlantic and South-Central United States, acquired the property.
“Hoover continues to be an attractive investment locale based on strong growth, good schools and high barriers to entry,” Brown said. “New ownership is excited to acquire the asset below replacement cost with very attractive assumable debt and expand the in-place value-add program which will fit their long-term investment strategy.”
Constructed in 1991, The Haven is situated in a premier submarket that features upscale retail, highly ranked schools and jobs centers.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
